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Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
1
BUY 17
HOLD 10
SELL 0
STRONG
SELL
0
| PRICE TARGET: $228.11 DETAILS
HIGH: $325.00
LOW: $110.00
MEDIAN: $220.00
CONSENSUS: $228.11
UPSIDE: 61.02%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4
Revenue
Revenue 663.4 725.6 584.9 499.6 392.4 427.7 348.4 281.2 243.0 249.8 207.5 183.0 163.7 200.4 171.5 148.6 146.2 176.7 121.2 108.1 79.0 93.1
Cost of Revenue 56.3 58.7 52.5 45.9 37.1 31.8 34.6 29.5 27.6 28.9 26.4 28.8 26.9 28.4 28.2 25.8 22.4 22.8 20.0 16.2 13.6 14.6
Gross Profit 607.1 666.9 532.4 453.7 355.3 395.9 313.7 251.7 215.3 220.8 181.1 154.2 136.9 172.0 143.4 122.7 123.8 153.9 101.1 91.9 65.4 78.5
Operating Expenses
R&D Expenses 207.2 198.9 196.4 196.6 191.3 188.6 166.7 142.8 437.0 111.6 108.3 109.7 108.8 106.2 95.1 86.6 77.2 68.5 54.7 89.2 44.6 32.6
SG&A Expenses 217.0 236.2 197.5 189.4 160.1 154.3 140.2 139.9 367.6 106.2 92.4 97.5 98.7 95.5 99.2 92.4 81.8 78.3 53.6 73.1 77.6 32.5
Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 424.2 435.1 393.9 386.0 351.4 343.0 306.9 282.7 804.6 217.8 200.7 207.2 207.5 201.7 194.3 179.0 159.0 146.7 108.3 162.3 122.2 65.1
Operating Income
Operating Income 182.9 231.8 138.5 67.7 3.9 52.9 6.9 (31.0) (589.3) 3.0 (19.6) (53.0) (70.6) (29.7) (51.0) (56.3) (35.2) 7.2 (7.2) (70.4) (56.8) 13.4
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0 15.4 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 182.9 236.0 164.5 71.6 7.9 57.0 10.8 (27.3) (585.5) 6.8 (16.3) (49.7) (67.3) (26.3) (48.2) (55.3) (34.3) 8.0 (6.5) (69.8) (56.2) 14.3
EBIT 182.9 231.8 160.6 67.7 3.9 52.9 6.9 (31.0) (589.3) 3.0 (19.6) (53.0) (70.6) (29.7) (51.0) (56.3) (35.2) 7.2 (7.2) (70.4) (56.8) 13.6
Income Before Tax 205.7 254.8 160.6 88.9 24.4 70.0 29.8 (10.3) (574.7) 19.5 (6.9) (39.7) (59.9) (20.6) (46.9) (55.3) (35.1) 6.8 (7.3) (70.4) (56.6) 13.6
Income Tax Expense 1.7 3.2 (2.1) (0.4) (1.7) (1.0) (0.0) (0.2) 0.4 0.9 0.4 1.4 1.0 1.6 (1.6) 0.4 0.2 0.1 0.1 0.1 0.0 0.0
Net Income 204.0 251.6 162.7 89.3 26.2 71.0 29.9 (10.1) (575.1) 18.5 (7.4) (41.1) (60.9) (22.2) (45.3) (55.7) (35.3) 6.6 (7.4) (70.5) (56.6) 13.6
Per Share Data
EPS (Basic) 1.07 1.32 0.87 0.48 0.14 0.39 0.17 -0.06 -3.52 0.11 -0.05 -0.25 -0.37 -0.14 -0.28 -0.34 -0.22 0.04 -0.05 -0.43 -0.35 0.08
EPS (Diluted) 1.01 1.24 0.80 0.48 0.14 0.39 0.17 -0.06 -3.52 0.11 -0.05 -0.25 -0.37 -0.14 -0.28 -0.34 -0.22 0.04 -0.05 -0.43 -0.35 0.08
Shares Outstanding 191.5 190.0 188.0 187.1 184.3 180.3 174.2 165.6 163.3 163.3 163.3 163.3 163.3 163.3 163.3 163.3 163.3 163.3 163.3 163.3 163.3 163.3
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3
Current Assets
Cash & Cash Equivalents 1,374.3 953.6 911.7 734.1 635.7 562.1 515.9 468.0 968.5 401.2 434.3 (1,266.5) 435.8 484.2 588.2 689.0 1,337.8 1,352.1
Short-Term Investments 1,396.3 1,523.2 1,314.2 1,325.9 1,315.4 1,278.7 1,229.1 1,231.1 701.8 811.9 787.2 2,533.1 830.7 814.7 765.0 726.2 75.3 88.3
Net Receivables 522.9 590.2 519.9 443.2 350.9 349.5 293.9 258.9 229.8 253.0 198.8 0 199.1 156.2 138.5 144.0 162.4 102.3
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 92.4 69.0 3.8 3.5 2.0 18.5 2.5 2.2 1.8 1.6 1.7 0 1.2 8.2 1.1 0.8 0.6 0.5
Total Current Assets 3,385.9 3,136.0 2,769.6 2,529.9 2,328.7 2,223.4 2,060.8 1,980.7 1,920.0 1,479.7 1,437.2 1,266.5 1,483.9 1,486.8 1,526.8 1,595.6 1,600.9 1,570.7
Non-Current Assets
Property, Plant & Equipment 30.9 33.5 35.4 33.5 35.0 35.9 37.6 39.3 37.1 39.0 39.0 0 30.5 33.8 19.9 21.0 22.8 24.8
Goodwill 42.2 42.2 42.2 42.2 42.2 42.2 42.2 26.3 26.3 26.3 26.3 0 26.3 26.5 12.6 6.5 6.5 6.5
Intangible Assets 13.0 15.5 18 20.5 22.9 25.4 27.9 27.8 28.1 30.3 34.4 0 41.2 43.0 29.5 4.5 5.7 3.9
Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 12.3 12.0 11.2 6.1 8.2 9.7 3.2 2.3 2.5 19.4 18.7 207.9 17.7 15.8 15.4 13.5 9.3 6.4
Total Non-Current Assets 98.3 103.2 106.8 102.3 108.4 113.2 110.9 95.6 94.0 115.0 118.4 207.9 115.8 119.1 77.3 45.4 44.2 41.6
Total Assets 3,484.3 3,239.2 2,876.4 2,632.2 2,437.0 2,336.6 2,171.7 2,076.4 2,015.9 1,596.5 1,555.5 1,474.4 1,599.7 1,605.9 1,604.2 1,641.0 1,645.1 1,612.4
Current Liabilities
Account Payables 51.7 62.9 73.1 63.9 43.9 45.4 62.0 64.3 45.4 46.5 35.3 0 32.9 36.0 25.2 24.4 22.9 13.8
Short-Term Debt 7.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 0 18.0 20.3 18.8 20.7 14.8 12.9 9.6 8.5 7.2 7.3 0 8.0 8.9 7.0 6.5 7.5 6.7
Other Current Liabilities 207.0 91.1 85.6 64.9 73.2 70.9 72.2 51.0 62.9 46.8 49.9 0 36.7 35.5 29.7 36.4 25.2 19.5
Total Current Liabilities 265.9 271.3 228.3 210.8 186.8 176.0 172.3 159.5 156.5 133.6 133.8 0 106.5 106.3 90.0 91.2 70.5 68.7
Non-Current Liabilities
Long-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 24.6 22.7 19.2 15.8 12.9 9.3 0.2 0.3 0.3 0.3 0.3 0 7.1 9.1 5.5 0.5 0.6 2.5
Total Non-Current Liabilities 38.7 38.9 37.4 34.4 33.1 29.8 21.8 23.0 21.1 22.3 23.5 0 18.8 21.2 8.4 5.2 7.2 11.0
Total Liabilities 304.6 310.1 265.7 245.2 219.9 205.8 194.1 182.5 177.6 155.9 157.3 0 125.3 127.5 98.4 96.4 77.6 79.6
Stockholders' Equity
Common Stock 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings (467.1) (671.1) (922.7) (1,085.4) (1,174.7) (1,200.8) (1,271.9) (1,301.7) (1,291.6) (716.6) (735.1) 0 (625.7) (603.5) (558.2) (502.5) (467.2) (473.8)
Accumulated Other Comprehensive Income (1.0) 4.4 3.8 3.7 1.3 0.0 4.2 (1.0) (0.5) 0.8 (1.5) (379.1) (3.8) (5.8) (4.8) (2.8) (0.2) (0.0)
Total Stockholders' Equity 3,179.7 2,929.0 2,610.7 2,387.0 2,217.1 2,130.7 1,977.6 1,893.8 1,838.3 1,440.6 1,398.3 1,474.4 1,474.4 1,478.4 1,505.8 1,544.6 1,567.5 1,532.7
Total Liabilities & Equity 3,484.3 3,239.2 2,876.4 2,632.2 2,437.0 2,336.6 2,171.7 2,076.4 2,015.9 1,596.5 1,555.5 1,474.4 1,599.7 1,605.9 1,604.2 1,641.0 1,645.1 1,612.4
Debt Metrics
Total Debt 21.3 23.2 25.0 25.2 26.6 26.7 27.0 28.1 25.2 25.7 26.3 0 19.5 21.3 10.4 12.2 13.5 15.9
Net Debt (1,353.1) (930.4) (886.6) (708.9) (609.2) (535.4) (488.9) (439.8) (943.3) (375.4) (408.1) 1,266.5 (416.3) (462.9) (577.9) (676.7) (1,324.3) (1,336.2)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4
Operating Activities
Net Income 204.0 251.6 162.7 89.3 26.2 71.0 29.9 (10.1) (575.1) 18.5 (7.4) (41.1) (60.9) (22.2) (45.3) (55.7) (35.3) 6.6 (7.4) (70.5) (56.6) 13.6
Depreciation & Amortization (0.1) (1.7) (2.9) 3.9 4.0 (7.4) (8.4) 3.8 3.7 3.8 3.3 3.3 3.3 3.4 2.8 0.8 0.9 0.8 0.7 0.6 0.6 0.7
Stock-Based Compensation 68.3 85.2 83.5 89.1 85.4 85.1 74.8 64.3 577.5 15.6 9.4 10.1 12.5 15.2 15.7 14.8 10.0 17.9 7.0 17.5 6.3 5.7
Change in Working Capital 39.0 (70.1) (60.4) (65.9) 19.6 (58.7) (21.4) (19.7) 32.3 (52.6) (11.0) (23.8) 44.3 (32.5) (7.9) 3.0 25.4 (60.9) (8.4) (8.4) 13.9 (23.6)
Other Non-Cash Items 1.0 1.9 2.2 (5.1) (7.6) (0.1) (3.2) (9.9) (6.4) (2.7) (2.0) (2.6) 4.9 0.4 1.6 24.9 36.7 2.8 3.0 1.6 2.6 5.4
Operating Cash Flow 312.3 266.8 185.2 111.3 127.6 90.0 71.6 28.4 32.1 (17.4) (7.7) (54.1) 4.1 (35.7) (33.1) (30.1) 4.9 (32.7) (5.1) (59.2) (33.1) 1.8
Investing Activities
Capital Expenditure (1.1) (3.2) (2.1) (0.5) (1.0) (0.8) (1.4) (1.2) (2.9) (4.6) (3.9) (0.8) (0.4) (1.3) (2.5) (1.2) (1.3) (0.7) (0.8) (0.5) (0.4) (0.4)
Acquisitions 0 0 0 0 0 0 (17.1) 0 0 13.9 0 0 0 (0.6) (17.0) (24.6) 0 0 0 0 0 0
Purchases of Investments (364.9) (693.0) (544.1) (556.5) (504.8) (571.0) (428.2) (861.8) (135.7) (331.8) (313.8) (351.4) (262.8) (284.4) (290.7) (185.4) (670.0) 0 (41.6) (102.6) (90.2) (46.3)
Sales/Maturities of Investments 492.5 489.8 563.5 552.5 477.4 530.2 447.3 343.4 252.7 317.9 320.3 320.3 352.2 273.5 240.8 144.3 16.3 12.5 160.9 117.9 121.1 63.0
Other Investing Activities (1.6) 0.6 (0.8) 2.4 0.9 (1.5) 7.4 (0.0) (0.0) (13.8) (0.0) 0.0 0.1 (0.1) 0.0 (0.0) 0 (2.2) (2.8) 0 0 0
Investing Cash Flow 124.8 (205.8) 16.5 (2.1) (27.5) (43.1) 7.9 (519.6) 114.1 (18.4) 2.6 (31.9) 89.0 (12.9) (69.4) (66.9) (655.0) 9.7 115.6 14.9 30.5 16.2
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased (5.0) 0 0 0 0 0 0 0 0 0 0 0 (4.2) 0 0 0 0 0 0 (56.0) (39.2) 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (16.2) (23.6) (30.1) (15.2) (36.7) (26.5) (67.5) (7.6) (178.9) (2.6) (0.2) 0.3 0.6 (0.1) (0.9) 0 (0.1) (1.4) 7.9 70.8 5.3 5.7
Financing Cash Flow (16.3) (19.1) (24.1) (10.9) (26.5) (0.7) (31.6) (9.3) 421.2 2.7 (0.2) 0.3 (3.6) 0.2 (1.5) (3.8) 1.3 5.6 733.1 14.8 428.7 5.7
Cash Position
Net Change in Cash 420.8 41.9 177.6 98.3 73.6 46.2 47.9 (500.6) 567.3 (33.1) (5.4) (85.6) 89.5 (48.4) (104.0) (100.8) (648.8) (17.5) 843.6 (29.5) 426.1 23.7
Cash at Beginning 953.6 911.7 734.1 635.7 562.1 515.9 468.0 968.5 401.2 434.4 439.7 525.3 435.9 484.2 588.3 689.0 1,337.8 1,355.3 511.7 541.3 115.2 91.5
Cash at End 1,374.3 953.6 911.7 734.1 635.7 562.1 515.9 468.0 968.5 401.2 434.4 439.7 525.3 435.9 484.2 588.3 689.0 1,337.8 1,355.3 511.7 541.3 115.2
Free Cash Flow 311.2 263.6 183.1 110.8 126.6 89.2 70.3 27.2 29.2 (22.0) (11.6) (54.9) 3.7 (37.1) (35.6) (31.2) 3.6 (33.4) (5.9) (59.7) (33.5) 1.4
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4
Income Statement
Revenue 663.4 725.6 584.9 499.6 392.4 427.7 348.4 281.2 243.0 249.8 207.5 183.0 163.7 200.4 171.5 148.6 146.2 176.7 121.2 108.1 79.0 93.1
Gross Profit 607.1 666.9 532.4 453.7 355.3 395.9 313.7 251.7 215.3 220.8 181.1 154.2 136.9 172.0 143.4 122.7 123.8 153.9 101.1 91.9 65.4 78.5
Operating Income 182.9 231.8 138.5 67.7 3.9 52.9 6.9 (31.0) (589.3) 3.0 (19.6) (53.0) (70.6) (29.7) (51.0) (56.3) (35.2) 7.2 (7.2) (70.4) (56.8) 13.4
Net Income 204.0 251.6 162.7 89.3 26.2 71.0 29.9 (10.1) (575.1) 18.5 (7.4) (41.1) (60.9) (22.2) (45.3) (55.7) (35.3) 6.6 (7.4) (70.5) (56.6) 13.6
EPS (Diluted) 1.01 1.24 0.80 0.48 0.14 0.39 0.17 -0.06 -3.52 0.11 -0.05 -0.25 -0.37 -0.14 -0.28 -0.34 -0.22 0.04 -0.05 -0.43 -0.35 0.08
Balance Sheet
Cash & Equivalents 1,374.3 953.6 911.7 734.1 635.7 562.1 515.9 468.0 968.5 401.2 434.3 (1,266.5) 435.8 484.2 588.2 689.0 1,337.8 1,352.1
Total Assets 3,484.3 3,239.2 2,876.4 2,632.2 2,437.0 2,336.6 2,171.7 2,076.4 2,015.9 1,596.5 1,555.5 1,474.4 1,599.7 1,605.9 1,604.2 1,641.0 1,645.1 1,612.4
Total Debt 21.3 23.2 25.0 25.2 26.6 26.7 27.0 28.1 25.2 25.7 26.3 0 19.5 21.3 10.4 12.2 13.5 15.9
Stockholders' Equity 3,179.7 2,929.0 2,610.7 2,387.0 2,217.1 2,130.7 1,977.6 1,893.8 1,838.3 1,440.6 1,398.3 1,474.4 1,474.4 1,478.4 1,505.8 1,544.6 1,567.5 1,532.7
Cash Flow
Operating Cash Flow 312.3 266.8 185.2 111.3 127.6 90.0 71.6 28.4 32.1 (17.4) (7.7) (54.1) 4.1 (35.7) (33.1) (30.1) 4.9 (32.7) (5.1) (59.2) (33.1) 1.8
Capital Expenditure (1.1) (3.2) (2.1) (0.5) (1.0) (0.8) (1.4) (1.2) (2.9) (4.6) (3.9) (0.8) (0.4) (1.3) (2.5) (1.2) (1.3) (0.7) (0.8) (0.5) (0.4) (0.4)
Free Cash Flow 311.2 263.6 183.1 110.8 126.6 89.2 70.3 27.2 29.2 (22.0) (11.6) (54.9) 3.7 (37.1) (35.6) (31.2) 3.6 (33.4) (5.9) (59.7) (33.5) 1.4